Entrepreneurship

Next to diphtheria and ophthalmology, I think entrepreneurship is one of our most frequently misspelled words--I misspelled it about 5 times drafting this. Now this book will shatter a lot of myths, "The illusions of entrepreneurship," (by Scott Shane, Yale University Press). Reviewed in today's WSJ by Nick Schulz. My take aways (not quotes):

In the U.S. each year more people start a business than get married or have children.

A typical U.S. entrepreneur is a married white male in his 40s who attended but didn't complete college, and he lives in a city like DesMoines or Tampa, not in California or Michigan (where they chase people out with high taxes and regulations).

The richer the country, the lower its rate of business starts.

Entrepreneurs earn less than those who work for established businesses.

Encouragement by the government to go in to business through the use of protectionist subsidies and tax breaks actually encourages people to enter highly competitive fields, making them more likely to fail.